Ann: Africa Independents Forum Presentation, page-15

I don't think FAR ever had a game plan that included going to production.

I think when CN let slip a few years back that the SP would be 94c she was saying what she truly thought was likely.

Assuming then that this was the mind set, the logic would have been to sell out to a major player and we would all ride off into the sunset multimillionaires.
Even at 47c we would have happily ridden off into the sunset.

The great problem of course was that FAR has never, ever looked like reaching a decent exit price.
We hit 12c in March 2016 and it has been all down hill ever since.
We were lucky to hit 9.4c a month or so back before the selling resumed.

I think the current SP has put a very severe dent in all of the forward plans.

I can't see FAR raising the money being bandied about to go to production in a pink fit.

I have often said there is a ton of blue sky in a company like FAR but who ultimately ends up with the blue sky is the question.(Just look at what MQB is doing to CTP, picture an elephant making love to Bambi)

FAR management are probably just as frustrated as we are.
I doubt anyone could ever have imagined we would be struggling to break thru 8.2c after 9 successful drill results.
In fact it is impossible to fathom.
So much so I now firmly believe the SP is being manipulated.

I get the feeling that FAR don't really know what to do next other than keep drilling and hope like hell someone comes along and buys us out.
I think PE is a classic example.
They really had no way of financing the PE but they had to be seen to at least try.
I think they were caught totally unawares when COP sold.

All these rumours about Total & PEm2 have amounted to zero.

I think we are now invested in a 'hope' stock.
Some of the mooted forward scenarios are fraught with danger.
One wrong move leaves us extremely vulnerable.
I would love to know what the relationship with WPL is like inside the JV.
I suspect it is as hostile as hell.

I just hope WPL don't decide to play extreme hardball.
We have to hope the oil price rallies strongly so that it is harder for WPL to starve us out.